How much is the percent for downpayment?

Asked by Meliza Valdez, Willow Glen, San Jose, CA Fri Oct 5, 2012

The cóndo is selling for 250,000 and I Would Like to know how much is requiered for the downpayment.

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Alan May, Agent, Evanston, IL
Fri Oct 5, 2012
That's between you and your lender. Your lender will tell you how much you need to put "down" on the property in order to qualify for your loan.

There are loans out there that require no downpayment... FHA loans offer a minimum of 3.5%, and many conventional loans are looking for 5-10% down. It's up to you and your lender, and largely dependent on your credit worthiness.

Good luck.
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Thank you for your information its was very helpful!
Flag Sat Oct 6, 2012
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